MakeMyTrip's fintech arm acquires majority stake in BookMyForex

Travel company MakeMyTrip's fintech arm TripMoney has acquired a majority stake in foreign currency exchange service provider BookMyForex.
 
The acquisition is another step in TripMoney's endeavour to become a one-stop solution for all forex needs of Indian travellers, MakeMyTrip said in a release, without disclosing the acquisition cost.
 
"With this investment, BookMyForex's suite of services, including currency exchange that offers real-time exchange rate, multi-currency prepaid forex cards, cross border remittances as well as other ancillary products, will be rolled out soon for the benefit of MakeMyTrip and Goibibo customers," it said.
 
TripMoney will leverage the extensive network of BookMyForex's partners, including select banks and reputed exchange companies, to fulfil forex requirements of customers in multiple cities across India.
 
"Leading private equity firm Faering Capital as well as founders and promoters - Nitin Motwani and Sudarshan Motwani will continue to stay invested in BookMyForex," the release said.
 
BookMyForex claims to be India's first tech initiative in the foreign exchange domain and the market leader in the online retail forex space. Customers can book orders from its website or mobile app to buy or sell foreign cash currencies, forex cards, process cross border payments from India to anywhere in the world and buy international SIM cards or international travel insurance.
 
MakeMyTrip co-founder and Group CEO Rajesh Magow said that the acquisition is in line with the company's strategic vision to build a travel super app offering complete suite of services for travellers.
 
"We look forward to working closely with the leadership of BookMyForex to help accelerate growth of outbound travellers buying forex online by offering the services to millions of visitors on MakeMyTrip and Goibibo booking platforms. Consumers' trust on our brands along with BookMyForex's best in class offering with complete transparency and best available pricing will help in driving growth of this new product line for the group," Magow added.
 
MakeMyTrip owns and operates online brands, including MakeMyTrip, Goibibo and redBus.

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